Ask Terry Questions Savings account not in name of trust

Savings account not in name of trust

By Terry Savage on May 03, 2024 | Financial Planning / Retirement

Hi Terry, xx
I have a Living Trust and when I opened a Treasury Direct Account for my I Bonds, I opened it as “Mary XXX, Trustee Under Declaration of Trust Dated xx/xx/xx” Now I want to transfer $40 or $50K from my savings account to T-Bills, but my Savings Account is just listed under my name, not the trust. Is that okay? Or should I talk to the people at my bank (Chase)?

Thank you. I enjoy listening to you on WGN and appreciate the advice you give (for example, I got out of my Medicare Advantage insurance based mostly on your talk!)

Terry Says

First, since you have a Revocable Living Trust, you should change the title on that savings account to your RLT.  It’s easy to do, just provide the few pages your lawyer gave you to validate the existence of the trust.  There’s no point in having an RLT if you don’t change title to all your major assets into the name of  the trust!  That includes your house!

Then open your TreasuryDirect account in the name of your RLT.  And link it to your trust savings account.  Both use your SS number.

Recent Financial Planning / Retirement Questions



a personal
finance question